Ponce Financial Group, Inc. Reports Fourth Quarter 2023 Results
NEW YORK, Jan. 30, 2024 (GLOBE NEWSWIRE) -- Ponce Financial Group, Inc., (the “Company”) (NASDAQ: PDLB), the holding company for Ponce Bank (the “Bank”), today announced results for the fourth quarter of 2023.*Fourth Quarter 2023 Highlights (Compared to Prior Periods):*
· Net income of $0.5 million, or $0.02 per diluted share for the three months ended December 31, 2023, as compared to net income of $2.6 million, or $0.12 per diluted share for the three months ended September 30, 2023 and net loss of ($9.2) million, or ($0.40) per diluted share for the three months ended December 31, 2022.
· Included in the $0.5 million of net income for the fourth quarter of 2023 results is $35.0 million in interest and dividend income and $1.3 million in non-interest income, offset by $17.9 million in non-interest expense and $17.8 million in interest expense.
· Net interest income of $17.2 million for the fourth quarter of 2023 increased $0.7 million, or 3.96%, from the prior quarter and increased $1.0 million, or 6.38%, from the same quarter last year.
· Net interest margin was 2.66% for the fourth quarter of 2023, increased from 2.58% for the prior quarter and decreased from 2.97% for the same quarter last year.
*Full Year 2023 Highlights (Compared to 2022):*
· Net income of $3.4 million, or $0.15 per diluted share for the year ended December 31, 2023, as compared to a net loss of ($30.0) million, or ($1.32) per diluted share for the year ended December 31, 2022.
· Net interest income for the year ended December 31, 2023 was $65.3 million, decreased $1.3 million, or 2.01%, compared to $66.6 million for the year ended December 31, 2022.
· Non-interest income for the year ended December 31, 2023 was $10.2 million, increased $3.8 million, or 59.26%, compared to $6.4 million for the year ended December 31, 2022.
· Non-interest expense for the year ended December 31, 2023 was $68.7 million, decreased $17.2 million, or 19.99%, compared to $85.8 million for the year ended December 31, 2022.
· Net interest margin was 2.66% for the year ended December 31, 2023, decreased from 3.66% for the same period last year.
· Cash and equivalents were $139.2 million as of December 31, 2023, increased $84.8 million, or 156.05%, from December 31, 2022, as we decided to keep ample sources of liquidity at hand while taking advantage of the positive spread between our interest bearing overnight deposits at the Fed and borrowing costs under the Bank Term Funding Program ("BTFP").
· Securities totaled $581.7 million as of December 31, 2023, decreased $58.7 million, or 9.16%, from December 31, 2022 primarily due to a call on one of the securities amounting to $10.0 million and regular principal payments.
· Net loans receivable were $1.90 billion as of December 31, 2023, increased $402.8 million, or 26.97%, from December 31, 2022.
· Deposits were $1.51 billion as of December 31, 2023, increased $255.2 million, or 20.38%, from December 31, 2022.*President and Chief Executive Officer’s Comments*
Carlos P. Naudon, Ponce Financial Group’s President and CEO, stated “We were pleased to see continued improvement during the quarter: Net interest income grew for the third quarter in a row and, despite the challenging operating environment, net interest income was also up quarter over quarter. Book value per share was $11.20 at year-end, up $0.21 quarter over quarter and up $0.43 versus last year. Total equity per share now stands at $20.66. Additionally, in order to better manage our interest risk, during the fourth quarter, we entered into two pay fixed, receiver SOFR swaps, one with notional amount of $150 million for 2 years and one with notional amount of $100 million for 3 years.
We continue to show strong levels of capital and liquidity. On the capital front, our total capital ratio at Ponce Bank stands at 23.30%, well in excess of regulatory requirements. In terms of liquidity, our liquid assets plus borrowing capacity at the Federal Home Loan Bank of New York ("FHLBNY") stands at $778.8 million, two times of our uninsured deposits of $389.4 million.
We remain committed to the communities we serve, our Minority Depository Institution (“MDI”)/Community Development Financial Institutions ("CDFI") status and continuing to invest in our people and in technology to improve our efficiency".
*Executive Chairman’s Comment*
Steven A. Tsavaris, Ponce Financial Group’s Executive Chairman added “We were able to grow both loans and deposits by over $100 million this quarter. We continue to see resiliency of our client base, but we’ll prioritize sound underwriting practices and balance sheet management even at the expense of loan growth.”
Selected performance metrics are as follows (refer to “Key Metrics” for additional information):
*At or for the Three Months Ended* *December 31,* *September 30,* *June 30,* *March 31,* *December 31,*
*Performance Ratios (Annualized):* *2023* *2023* *2023* *2023* *2022*
Return on average assets (1) 0.08 % 0.39 % (0.01 %) 0.06 % (1.62 %)
Return on average equity (1) 0.42 % 2.11 % (0.07 %) 0.27 % (7.28 %)
Net interest rate spread (1) (2) 1.63 % 1.58 % 1.66 % 1.78 % 2.13 %
Net interest margin (1) (3) 2.66 % 2.58 % 2.65 % 2.75 % 2.97 %
Non-interest expense to average assets (1) 2.66 % 2.58 % 2.65 % 2.79 % 2.78 %
Efficiency ratio (4) 96.83 % 78.11 % 96.15 % 95.88 % 94.95 %
Average interest-earning assets to average interest- bearing liabilities 137.49 % 137.92 % 141.14 % 148.20 % 152.30 %
Average equity to average assets 18.25 % 18.32 % 19.21 % 20.91 % 22.32 %
*At or for the Three Months Ended* *December 31,* *September 30,* *June 30,* *March 31,* *December 31,*
*Capital Ratios (Annualized):* *2023* *2023* *2023* *2023* *2022*
Total capital to risk weighted assets (Bank only) 23.30 % 25.10 % 26.30 % 27.54 % 30.53 %
Tier 1 capital to risk weighted assets (Bank only) 22.05 % 23.85 % 25.05 % 26.28 % 29.26 %
Common equity Tier 1 capital to risk-weighted assets (Bank only) 22.05 % 23.85 % 25.05 % 26.28 % 29.26 %
Tier 1 capital to average assets (Bank only) 17.49 % 17.51 % 17.95 % 19.51 % 20.47 %
*At or for the Three Months Ended* *December 31,* *September 30,* *June 30,* *March 31,* *December 31,*
*Asset Quality Ratios (Annualized):* *2023* *2023* *2023* *2023* *2022*
Allowance for loan losses as a percentage of total loans 1.36 % 1.51 % 1.64 % 1.77 % 2.27 %
Allowance for loan losses as a percentage of nonperforming loans 152.99 % 169.49 % 167.06 % 149.73 % 252.33 %
Net (charge-offs) recoveries to average outstanding loans (1) (0.24 %) (0.34 %) (0.41 %) (0.57 %) (0.85 %)
Non-performing loans as a percentage of total gross loans 0.89 % 0.89 % 0.98 % 1.18 % 0.90 %
Non-performing loans as a percentage of total assets 0.62 % 0.62 % 0.63 % 0.76 % 0.59 %
Total non-performing assets as a percentage of total assets 0.62 % 0.62 % 0.63 % 0.76 % 0.59 %
Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty as a percentage of total assets ^(5) 0.81 % 0.82 % 0.83 % 0.93 % 0.78 %
^(1) Annualized where appropriate.
^(2) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
^(3) Net interest margin represents net interest income divided by average total interest-earning assets.
^(4) Efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income.
^(5) For periods in 2023, balances include both modifications to borrowers experiencing financial difficulty, in accordance with ASU 2022-02 adopted on January 1, 2023, and previously existing troubled debt restructurings. For the period in 2022, the balances only include troubled debt restructurings.
*Summary of Results of Operations*
Net income for the three months ended December 31, 2023 was $0.5 million compared to net income of $2.6 million for the three months ended September 30, 2023 and a net loss of ($9.2) million for the three months ended December 31, 2022. The decrease of net income for the three months ended December 31, 2023 compared to the three months ended September 30, 2023 was attributed mainly to a decrease in non-interest income and an increase in non-interest expense, partially offset by a decrease in provision for income taxes and, increases in a benefit for credit losses and net interest income. The increase of net income for the three months ended December 31, 2023 compared to the three months ended December 31, 2022 was largely due to increases in benefit for credit losses, net interest income and non-interest income, partially offset by increases in provision for income taxes and non-interest expense.
Net income for the year ended December 31, 2023 was $3.4 million compared to a net loss of ($30.0) million for the year ended December 31, 2022. The increase in net income was attributable to an increase in benefit for credit losses and a decrease in non-interest expense and an increase in non-interest income, partially offset by an increase in provision for income taxes and a decrease in net interest income.
*Net Interest Income and Net Margin*
Net interest income for the three months ended December 31, 2023, increased $0.7 million, or 3.96%, to $17.2 million compared to $16.5 million for the three months ended September 30, 2023 and increased $1.0 million, or 6.38%, compared to $16.2 million for the three months ended December 31, 2022.
Net interest margin was 2.66% for the three months ended December 31, 2023 compared to 2.58% for the prior quarter, an increase of 8bps and 2.97% for the same period last year, a decrease of 31bps. The decrease in net interest margin for the three months ended December 31, 2023 when compared to the same period last year was a result of an increase in the cost of funds driven by higher interest rates.
*Non-interest Income*
Non-interest income for the three months ended December 31, 2023, was $1.3 million, a decrease of $4.3 million, or 77.16%, compared to the three months ended September 30, 2023 and an increase of $0.8 million, or 194.05%, compared to the three months ended December 31, 2022.
The $4.3 million decrease in non-interest income for the three months ended December 31, 2023 compared to the three months ended September 30, 2023 was largely attributable to a grant of $3.7 million received in the third quarter of 2023 from the U.S. Treasury, partially offset by a smaller grant of $0.4 million received in the fourth quarter of 2023 from the U.S. Treasury. The decrease in non-interest income was also impacted by decreases of $0.6 million in other non-interest income and $0.5 million in late and prepayment charges.
Non-interest income for the year ended December 31, 2023, was $10.2 million, an increase of $3.8 million, or 59.26%, compared to $6.4 million for the year ended December 31, 2022. The $3.8 million increase from the year ended December 31, 2022 was attributable to two grants totaled $4.2 million received from the U.S. Treasury and an increase of $1.7 million in late and prepayment charges, partially offset by decreases of $1.3 million in loan origination and $0.9 million in brokerage commission.
*Non-interest Expense*
Non-interest expense for the three months ended December 31, 2023, was $17.9 million, an increase of $0.6 million, or 3.36%, compared to $17.3 million for the three months ended September 30, 2023 and an increase of $2.1 million, or 13.52%, compared to $15.8 million for the three months ended December 31, 2022.
The $2.1 million increase from the three months ended December 31, 2022 was mainly attributable to increases of $1.8 million in compensation and benefits, $0.9 million in provision for contingencies and $0.5 million in professional fees, partially offset by a decrease of $0.9 million in other operating expense.
Non-interest expense for the year ended December 31, 2023 was $68.7 million, a decrease of $17.2 million, or 19.99%, compared to $85.8 million for the year ended December 31, 2022. The $17.2 million decrease of non-interest expense from the year ended December 31, 2022 was attributable to $17.9 million Grain consumer microloan write-off during 2022 compared with $1.5 million of Grain consumer microloan recoveries recognized during the current period. The decrease in non-interest expense was also impacted by a $5.0 million contribution to the Ponce De Leon Foundation during 2022, partially offset by increases of $2.8 million in compensation and benefits, $2.2 million in provision for contingencies, $1.3 million in data processing expenses and $1.2 million in professional fees.
*Balance Sheet Summary*
Total assets increased $438.7 million, or 18.98%, to $2.75 billion as of December 31, 2023 from $2.31 billion as of December 31, 2022. The increase in total assets is largely attributable to increases of $402.8 million in net loans receivable, $84.8 million in cash and cash equivalents, $10.7 million in other assets and $8.0 million in mortgage loans held for sale, partially offset by decreases of $49.1 million in held-to-maturity securities, $9.6 million in available-for-sale securities and $5.3 million in Federal Home Loan Bank of New York stock.
Total liabilities increased $440.0 million, or 24.19%, to $2.26 billion as of December 31, 2023 from $1.82 billion as of December 31, 2022. The increase in total liabilities was largely attributable to increases of $255.2 million in deposits, $167.0 million in borrowings, $10.6 million in accrued interest payable and $8.0 million in other liabilities.
Total stockholders’ equity decreased $1.3 million, or 0.26%, to $491.4 million as of December 31, 2023, from $492.7 million as of December 31, 2022. This decrease in stockholders’ equity was largely attributable to $11.0 million in share repurchases during 2023 and $2.2 million in other comprehensive loss, offset by $3.4 million in net income, $1.9 million impact to additional paid in capital as a result of share-based compensation, $1.1 million as a result of implementation of CECL and $1.1 million from release of ESOP shares.
*About Ponce Financial Group, Inc. *
Ponce Financial Group, Inc. is the holding company for Ponce Bank. Ponce Bank is a Minority Depository Institution, a Community Development Financial Institution, and a certified Small Business Administration lender. Ponce Bank’s business primarily consists of taking deposits from the general public and to a lesser extent alternative funding sources and investing those funds, together with funds generated from operations and borrowings, in mortgage loans, consisting of 1-4 family residences (investor-owned and owner-occupied), multifamily residences, nonresidential properties, construction and land, and, to a lesser extent, in business and consumer loans. Ponce Bank also invests in securities, which consist of U.S. Government and federal agency securities and securities issued by government-sponsored or government-owned enterprises, as well as, mortgage-backed securities, corporate bonds and obligations, and Federal Home Loan Bank stock.
*Forward Looking Statements*
Certain statements herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “believes,” “will,” “would,” “expects,” “project,” “may,” “could,” “developments,” “strategic,” “launching,” “opportunities,” “anticipates,” “estimates,” “intends,” “plans,” “targets” and similar expressions. These statements are based upon the current beliefs and expectations of management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to, adverse conditions in the capital and debt markets and the impact of such conditions on business activities; changes in interest rates; competitive pressures from other financial institutions; the effects of general economic conditions on a national basis or in the local markets in which Ponce Bank operates, including changes that adversely affect borrowers’ ability to service and repay Ponce Bank’s loans; anticipated losses with respect to the Company's investment in Grain; changes in the value of securities in the investment portfolio; changes in loan default and charge-off rates; fluctuations in real estate values; the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; changes in government regulation; changes in accounting standards and practices; the risk that intangibles recorded in the financial statements will become impaired; demand for loans in Ponce Bank’s market area; Ponce Bank’s ability to attract and maintain deposits; risks related to the implementation of acquisitions, dispositions, and restructurings; the risk that Ponce Financial Group, Inc. may not be successful in the implementation of its business strategy; changes in assumptions used in making such forward-looking statements and the risk factors described in Ponce Financial Group, Inc.’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q as filed with the Securities and Exchange Commission (the “SEC”), which are available at the SEC’s website, www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Ponce Financial Group, Inc. disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes, except as may be required by applicable law or regulation.
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*Ponce Financial Group, Inc.* *and Subsidiaries
**Consolidated Statements of Financial Condition
**(Dollars in thousands, except for share data)*
*As of* *December 31,* *September 30,* *June 30,* *March 31,* *December 31,* *2023* *2023* *2023* *2023* *2022*
*ASSETS*
Cash and due from banks:
Cash $ 28,930 $ 26,046 $ 31,162 $ 26,951 $ 31,977
Interest-bearing deposits 110,260 90,966 212,627 157,736 22,383
Total cash and cash equivalents 139,190 117,012 243,789 184,687 54,360
Available-for-sale securities, at fair value 119,902 116,753 123,720 128,320 129,505
Held-to-maturity securities, at amortized cost ^(1) 461,748 471,065 481,952 491,649 510,820
Placement with banks 249 996 996 1,245 1,494
Mortgage loans held for sale, at fair value 9,980 14,103 10,070 2,987 1,979
Loans receivable, net 1,895,886 1,787,607 1,695,047 1,614,428 1,493,127
Accrued interest receivable 18,010 16,624 16,054 15,435 15,049
Premises and equipment, net 16,053 16,453 16,856 17,215 17,446
Right of use assets 31,272 32,110 32,435 33,147 33,423
Federal Home Loan Bank of New York stock (FHLBNY), at cost 19,377 18,870 19,195 19,209 24,661
Deferred tax assets 14,332 15,984 15,924 15,413 16,137
Other assets 24,723 16,286 15,919 15,799 13,988
*Total assets* $ 2,750,722 $ 2,623,863 $ 2,671,957 $ 2,539,534 $ 2,311,989
*LIABILITIES AND STOCKHOLDERS' EQUITY*
Liabilities:
Deposits $ 1,507,620 $ 1,401,132 $ 1,442,013 $ 1,336,877 $ 1,252,412
Operating lease liabilities 32,684 33,459 33,716 34,308 34,532
Accrued interest payable 11,965 8,385 4,704 1,767 1,390
Advance payments by borrowers for taxes and insurance 10,778 13,743 12,402 14,902 9,724
Borrowings 684,421 675,100 682,100 648,375 517,375
Other liabilities 11,859 6,986 6,540 7,264 3,856
*Total liabilities* 2,259,327 2,138,805 2,181,475 2,043,493 1,819,289
Commitments and contingencies
Stockholders' Equity:
Preferred stock, $0.01 par value; 100,000,000 shares authorized 225,000 225,000 225,000 225,000 225,000
Common stock, $0.01 par value; 200,000,000 shares authorized 249 249 249 249 249
Treasury stock, at cost (9,747 ) (10,975 ) (5,202 ) (2 ) (2 )
Additional paid-in-capital 207,106 207,626 207,287 206,883 206,508
Retained earnings 97,420 96,902 94,312 94,399 92,955
Accumulated other comprehensive loss (15,649 ) (20,468 ) (17,597 ) (16,629 ) (17,860 )
Unearned compensation ─ ESOP (12,984 ) (13,276 ) (13,567 ) (13,859 ) (14,150 )
*Total stockholders' equity* 491,395 485,058 490,482 496,041 492,700
*Total liabilities and stockholders' equity* $ 2,750,722 $ 2,623,863 $ 2,671,957 $ 2,539,534 $ 2,311,989
^(1) Included for the quarterly period ended December 31, 2023, September 30, 2023, June 30, 2023 and March 31, 2023 were $0.4 million, $0.6 million, $0.9 million and $0.8 million, respectively, related to the allowance for credit loss on held-to-maturity securities.*
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*Ponce Financial Group, Inc. and Subsidiaries*
*Consolidated Statements of Operations*
*(Dollars in thousands, except per share data)*
*Three Months Ended* *December 31,* *September 30,* *June 30,* *March 31,* *December 31,* *2023* *2023* *2023* *2023* *2022*
Interest and dividend income:
Interest on loans receivable $ 27,814 $ 25,276 $ 23,015 $ 19,700 $ 18,550
Interest on deposits due from banks 990 1,969 1,817 197 199
Interest and dividend on securities and FHLBNY stock 6,146 6,261 6,223 6,459 6,184
*Total interest and dividend income* 34,950 33,506 31,055 26,356 24,933
Interest expense:
Interest on certificates of deposit 5,103 4,362 3,881 3,225 1,786
Interest on other deposits 5,706 5,639 4,413 2,812 3,649
Interest on borrowings 6,944 6,963 6,479 5,074 3,332
*Total interest expense* 17,753 16,964 14,773 11,111 8,767
*Net interest income* 17,197 16,542 16,282 15,245 16,166
(Benefit) provision for credit losses (375 ) 535 987 (174 ) 12,641
*Net interest income after provision (benefit) for credit losses* 17,572 16,007 15,295 15,419 3,525
Non-interest income:
Service charges and fees 498 516 481 491 481
Brokerage commissions 13 17 35 15 180
Late and prepayment charges 365 899 372 729 263
Income on sale of mortgage loans 244 173 82 99 7
Loan origination ^(1) — — — — (557 )
Grant income 438 3,718 — — —
Other (273 ) 304 522 485 63
*Total non-interest income* 1,285 5,627 1,492 1,819 437
Non-interest expense:
Compensation and benefits 8,262 7,566 7,425 7,446 6,501
Occupancy and equipment 3,686 3,588 3,724 3,570 3,928
Data processing expenses 1,101 1,582 1,208 1,192 1,114
Direct loan expenses 497 369 345 412 454
Provision for contingencies 418 391 517 985 (440 )
Insurance and surety bond premiums 250 255 248 265 270
Office supplies, telephone and postage 294 301 489 399 375
Professional fees 2,040 1,693 1,904 1,455 1,571
Grain (recoveries) and write-off (152 ) (69 ) (346 ) (914 ) (515 )
Marketing and promotional expenses 146 248 303 128 256
Directors fees and regulatory assessment 173 169 160 155 196
Other operating expenses 1,182 1,223 1,112 1,268 2,055
*Total non-interest expense* 17,897 17,316 17,089 16,361 15,765
*Income (loss) before income taxes* 960 4,318 (302 ) 877 (11,803 )
Provision (benefit) for income taxes 442 1,728 (215 ) 546 (2,589 )
*Net income (loss)* $ 518 $ 2,590 $ (87 ) $ 331 $ (9,214 )
Earnings (loss) per common share:
Basic $ 0.02 $ 0.12 $ (0.00 ) $ 0.01 $ (0.40 )
Diluted $ 0.02 $ 0.12 $ (0.00 ) $ 0.01 $ (0.40 )
Weighted average common shares outstanding:
Basic 22,224,945 22,272,076 23,208,168 23,293,013 23,168,097
Diluted 22,406,102 22,349,217 23,208,168 23,324,532 23,168,097
^(1) Amounts for the quarterly period ended December 31, 2022 include the reversal of $0.8 million of loan origination income that had been taken upfront in prior quarters of 2022 (as opposed to deferred over the life of the loan).*
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*Ponce Financial Group, Inc. and Subsidiaries*
*Consolidated Statements of Operations*
*(Dollars in thousands, except per share data)*
*For the Years Ended December 31,* *2023* *2022* *Variance $* *Variance %*
Interest and dividend income:
Interest on loans receivable $ 95,805 $ 69,865 $ 25,940 37.13 %
Interest on deposits due from banks 4,973 713 4,260 597.48 %
Interest and dividend on securities and FHLBNY stock 25,089 12,174 12,915 106.09 %
*Total interest and dividend income* 125,867 82,752 43,115 52.10 %
Interest expense:
Interest on certificates of deposit 16,571 4,148 12,423 299.49 %
Interest on other deposits 18,570 5,802 12,768 220.06 %
Interest on borrowings 25,460 6,199 19,261 310.71 %
*Total interest expense* 60,601 16,149 44,452 275.26 %
*Net interest income* 65,266 66,603 (1,337 ) (2.01 %)
Provision for credit losses 973 24,046 (23,073 ) (95.95 %)
*Net interest income after provision for credit losses* 64,293 42,557 21,736 51.08 %
Non-interest income:
Service charges and fees 1,986 1,830 156 8.52 %
Brokerage commissions 80 1,020 (940 ) (92.16 %)
Late and prepayment charges 2,365 623 1,742 279.61 %
Income on sale of mortgage loans 598 741 (143 ) (19.30 %)
Loan origination — 1,286 (1,286 ) (100.00 %)
Grant income 4,156 — 4,156 — %
Loss on sale of premises and equipment — (436 ) 436 (100.00 %)
Other 1,038 1,355 (317 ) (23.39 %)
*Total non-interest income* 10,223 6,419 3,804 59.26 %
Non-interest expense:
Compensation and benefits 30,699 27,914 2,785 9.98 %
Occupancy and equipment 14,568 13,968 600 4.30 %
Data processing expenses 5,083 3,779 1,304 34.51 %
Direct loan expenses 1,623 2,487 (864 ) (34.74 %)
Provision for contingencies 2,311 126 2,185 1,734.13 %
Insurance and surety bond premiums 1,018 870 148 17.01 %
Office supplies, telephone and postage 1,483 1,555 (72 ) (4.63 %)
Professional fees 7,092 5,904 1,188 20.12 %
Contribution to the Ponce De Leon Foundation — 4,995 (4,995 ) (100.00 %)
Grain (recoveries) and write-off (1,481 ) 17,940 (19,421 ) (108.26 %)
Marketing and promotional expenses 825 593 232 39.12 %
Directors fees and regulatory assessment 657 705 (48 ) (6.81 %)
Other operating expenses 4,785 4,986 (201 ) (4.03 %)
*Total non-interest expense* 68,663 85,822 (17,159 ) (19.99 %)
*Income (loss) before income taxes* 5,853 (36,846 ) 42,699 (115.89 %)
Provision (benefit) for income taxes 2,501 (6,845 ) 9,346 (136.54 %)
*Net income (loss)* $ 3,352 $ (30,001 ) $ 33,353 (111.17 %)
Earnings (loss) per common share:
Basic $ 0.15 $ (1.32 ) $ 1.47 (111.15 %)
Diluted $ 0.15 $ (1.32 ) $ 1.47 (111.11 %)
*Weighted average common shares outstanding:*
Basic 22,745,317 22,690,943 54,374 0.24 %
Diluted 22,822,313 22,690,943 131,370 0.58 %
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Ponce Financial Group, Inc. and Subsidiaries*
*Key Metrics*
*At or for the Three Months Ended* *December 31,* *September 30,* *June 30,* *March 31,* *December 31,* *2023* *2023* *2023* *2023* *2022*
*Performance Ratios:*
Return on average assets (1) 0.08 % 0.39 % (0.01 %) 0.06 % (1.62 %)
Return on average equity (1) 0.42 % 2.11 % (0.07 %) 0.27 % (7.28 %)
Net interest rate spread (1) (2) 1.63 % 1.58 % 1.66 % 1.78 % 2.13 %
Net interest margin (1) (3) 2.66 % 2.58 % 2.65 % 2.75 % 2.97 %
Non-interest expense to average assets (1) 2.66 % 2.58 % 2.65 % 2.79 % 2.78 %
Efficiency ratio (4) 96.83 % 78.11 % 96.15 % 95.88 % 94.95 %
Average interest-earning assets to average interest- bearing liabilities 137.49 % 137.92 % 141.14 % 148.20 % 152.30 %
Average equity to average assets 18.25 % 18.32 % 19.21 % 20.91 % 22.32 %
*Capital Ratios:*
Total capital to risk weighted assets (Bank only) 23.30 % 25.10 % 26.30 % 27.54 % 30.53 %
Tier 1 capital to risk weighted assets (Bank only) 22.05 % 23.85 % 25.05 % 26.28 % 29.26 %
Common equity Tier 1 capital to risk-weighted assets (Bank only) 22.05 % 23.85 % 25.05 % 26.28 % 29.26 %
Tier 1 capital to average assets (Bank only) 17.49 % 17.51 % 17.95 % 19.51 % 20.47 %
*Asset Quality Ratios:*
Allowance for credit losses on loans as a percentage of total loans 1.36 % 1.51 % 1.64 % 1.77 % 2.27 %
Allowance for credit losses on loans as a percentage of nonperforming loans 152.99 % 169.49 % 167.06 % 149.73 % 252.33 %
Net (charge-offs) recoveries to average outstanding loans (1) (0.24 %) (0.34 %) (0.41 %) (0.57 %) (0.85 %)
Non-performing loans as a percentage of total gross loans 0.89 % 0.89 % 0.98 % 1.18 % 0.90 %
Non-performing loans as a percentage of total assets 0.62 % 0.62 % 0.63 % 0.76 % 0.59 %
Total non-performing assets as a percentage of total assets 0.62 % 0.62 % 0.63 % 0.76 % 0.59 %
Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty as a percentage of total assets (5) 0.81 % 0.82 % 0.83 % 0.93 % 0.78 %
*Other:*
Number of offices 18 19 19 19 19
Number of full-time equivalent employees 237 243 244 251 253
^(1) Annualized where appropriate.
^(2) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
^(3) Net interest margin represents net interest income divided by average total interest-earning assets.
^(4) Efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income.
^(5) For periods in 2023, balances include both modifications to borrowers experiencing financial difficulty, in accordance with ASU 2022-02 adopted on January 1, 2023, and previously existing troubled debt restructurings. For the period in 2022, the balances only include troubled debt restructurings.*
*
*Ponce Financial Group, Inc. and Subsidiaries
**Securities Portfolio*
*December 31, 2023* *December 31, 2022* *Gross* *Gross* *Gross* *Gross* *Amortized* *Unrealized* *Unrealized* *Fair* *Amortized* *Unrealized* *Unrealized* *Fair* *Cost* *Gains* *Losses* *Value* *Cost* *Gains* *Losses* *Value* *(in thousands)* *(in thousands)*
*Available-for-Sale Securities:*
U.S. Government Bonds $ 2,990 $ — $ (206 ) $ 2,784 $ 2,985 $ — $ (296 ) $ 2,689
Corporate Bonds 25,790 — (2,122 ) 23,668 25,824 — (2,465 ) 23,359
Mortgage-Backed Securities:
Collateralized Mortgage Obligations ^(1) 39,375 — (6,227 ) 33,148 44,503 — (6,726 ) 37,777
FHLMC Certificates 10,163 — (1,482 ) 8,681 11,310 — (1,676 ) 9,634
FNMA Certificates 61,359 — (9,842 ) 51,517 67,199 — (11,271 ) 55,928
GNMA Certificates 104 — — 104 122 — (4 ) 118
*Total available-for-sale securities* $ 139,781 $ — $ (19,879 ) $ 119,902 $ 151,943 $ — $ (22,438 ) $ 129,505
*Held-to-Maturity Securities:*
U.S. Agency Bonds $ 25,000 $ — $ (181 ) $ 24,819 $ 35,000 $ — $ (380 ) $ 34,620
Corporate Bonds 82,500 — (2,691 ) 79,809 82,500 57 (3,819 ) 78,738
Mortgage-Backed Securities:
Collateralized Mortgage Obligations ^(1) 212,093 104 (5,170 ) 207,027 235,479 192 (5,558 ) 230,113
FHLMC Certificates 3,897 — (244 ) 3,653 4,120 — (268 ) 3,852
FNMA Certificates 118,944 — (4,088 ) 114,856 131,918 — (5,227 ) 126,691
SBA Certificates 19,712 166 — 19,878 21,803 34 — 21,837
Allowance for Credit Losses (398 ) — — — — — — —
*Total held-to-maturity securities* $ 461,748 $ 270 $ (12,374 ) $ 450,042 $ 510,820 $ 283 $ (15,252 ) $ 495,851
^(1) Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities.The following table presents the activity in the allowance for credit losses for held-to-maturity securities.
*December 31,* *2023* *2022*
Beginning balance $ — $ —
CECL adoption 662 —
Provision for credit losses (264 ) —
Allowance for credit losses on securities $ 398 $ —
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Ponce Financial Group, Inc. and Subsidiaries*
*Loan Portfolio*
*As of* *December 31,* *September 30,* *June 30,* *March 31,* *December 31,* *2023* *2023* *2023* *2023* *2022* *Amount* *Percent* *Amount* *Percent* *Amount* *Percent* *Amount* *Percent* *Amount* *Percent* *(Dollars in thousands)*
Mortgage loans:
1-4 family residential
Investor Owned $ 343,689 17.89 % $ 347,082 19.13 % $ 351,754 20.43 % $ 354,559 21.60 % $ 343,968 22.54 %
Owner-Occupied 152,311 7.93 % 151,866 8.37 % 154,116 8.94 % 149,481 9.10 % 134,878 8.84 %
Multifamily residential 550,559 28.65 % 553,694 30.52 % 550,033 31.94 % 553,430 33.71 % 494,667 32.42 %
Nonresidential properties 342,343 17.81 % 321,472 17.71 % 317,416 18.43 % 314,560 19.17 % 308,043 20.19 %
Construction and land 503,925 26.22 % 411,383 22.67 % 315,843 18.34 % 235,157 14.33 % 185,018 12.13 %
Total mortgage loans 1,892,827 98.50 % 1,785,497 98.40 % 1,689,162 98.08 % 1,607,187 97.91 % 1,466,574 96.12 %
Non-mortgage loans:
Business loans (1) 19,779 1.03 % 18,416 1.02 % 21,041 1.22 % 19,890 1.21 % 39,965 2.62 %
Consumer loans (2) 8,966 0.47 % 10,416 0.58 % 11,958 0.70 % 14,227 0.88 % 19,129 1.26 %
Total non-mortgage loans 28,745 1.50 % 28,832 1.60 % 32,999 1.92 % 34,117 2.09 % 59,094 3.88 %
Total loans, gross 1,921,572 100.00 % 1,814,329 100.00 % 1,722,161 100.00 % 1,641,304 100.00 % 1,525,668 100.00 %
Net deferred loan origination costs 468 692 1,059 2,099 2,051
Allowance for credit losses on loans (26,154 ) (27,414 ) (28,173 ) (28,975 ) (34,592 )
Loans, net $ 1,895,886 $ 1,787,607 $ 1,695,047 $ 1,614,428 $ 1,493,127
^(1) As of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, business loans include $1.0 million, $1.1 million, $3.2 million, $3.6 million and $20.0 million, respectively, of PPP loans.
^(2) As of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, consumer loans include $8.0 million, $9.3 million, $11.2 million, $13.4 million and $18.2 million, respectively, of loans originated by the Bank pursuant to its arrangement with Grain.
*
*
*Ponce Financial Group, Inc. and Subsidiaries*
*Grain Loan Exposure*
*Grain Technologies, Inc. ("Grain") Total Exposure as of December 31, 2023*
*(in thousands)*
*Receivable from Grain*
Microloans originated - put back to Grain (inception-to-December 31, 2023) $ 24,104
Write-downs, net of recoveries (inception-to-date as of December 31, 2023) (15,459 )
Cash receipts from Grain (inception-to-December 31, 2023) (6,819 )
Grant/reserve (1,826 )
Net receivable as of December 31, 2023 $ —
*Microloan receivables from Grain Borrowers*
Grain originated loans receivable as of December 31, 2023 $ 7,985
Allowance for credit losses on loans as of December 31, 2023 ^(1) (7,026 )
Microloans, net of allowance for credit losses on loans as of December 31, 2023 $ 959
*Investments*
Investment in Grain $ 1,000
Investment in Grain write-off in Q3 2022 (1,000 )
Investment in Grain as of December 31, 2023 —
Total exposure related to Grain as of December 31, 2023 ^(2) $ 959
^(1) Includes $0.3 million for allowance for unused commitments on the $2.4 million of unused commitments available to Grain originated borrowers reported in other liabilities in the accompanying Consolidated Statements of Financial Conditions. Excludes $1.6 million of security deposits by Grain originated borrowers reported in deposits in the accompanying Consolidated Statements of Financial Conditions.
^(2) Total remaining exposure to Grain borrowers. These loans are now serviced by the Bank.
On November 1, 2023, Ponce Financial Group, Inc. and Grain signed a Perpetual Software License Agreement in order for the Bank to assume the servicing of the remaining Grain loans. In order to facilitate the transfer of the servicing responsibilities to the Bank, Grain granted the Bank a perpetual right and license to use the Grain software, including the source code to service the remaining loans.*
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*
Ponce Financial Group, Inc. and Subsidiaries*
*Allowance for Credit Losses on Loans *
*For the Three Months Ended* *December 31,* *September 30,* *June 30,* *March 31,* *December 31,* *2023* *2023* *2023* *2023* *2022* *(Dollars in thousands)*
Allowance for credit losses on loans at beginning of the period $ 27,414 $ 28,173 $ 28,975 $ 34,592 $ 25,108
Provision (benefit) for credit losses on loans (126 ) 750 934 (321 ) 12,641
Adoption of CECL — — — (3,090 ) —
Charge-offs:
Mortgage loans:
1-4 family residences
Investor owned — — — — —
Owner occupied — — — — —
Multifamily residences — — — — —
Nonresidential properties — — — — —
Construction and land — — — — —
Non-mortgage loans:
Business (63 ) — — — —
Consumer (1,135 ) (1,592 ) (1,931 ) (2,569 ) (3,659 )
Total charge-offs (1,198 ) (1,592 ) (1,931 ) (2,569 ) (3,659 )
Recoveries:
Mortgage loans:
1-4 family residences
Investor owned — — — — —
Owner occupied — — — — —
Multifamily residences — — — — —
Nonresidential properties — — — — —
Construction and land — — — — —
Non-mortgage loans:
Business — 3 — — —
Consumer 64 80 195 363 502
Total recoveries 64 83 195 363 502
Net (charge-offs) recoveries (1,134 ) (1,509 ) (1,736 ) (2,206 ) (3,157 )
Allowance for credit losses on loans at end of the period $ 26,154 $ 27,414 $ 28,173 $ 28,975 $ 34,592
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Ponce Financial Group, Inc. and Subsidiaries*
*Deposits*
*As of* *December 31,* *September 30,* *June 30,* *March 31,* *December 31,* *2023* *2023* *2023* *2023* *2022* *Amount* *Percent* *Amount* *Percent* *Amount* *Percent* *Amount* *Percent* *Amount* *Percent* *(Dollars in thousands)*
Demand $ 243,384 16.14 % $ 265,862 18.98 % $ 266,545 18.48 % $ 282,741 21.15 % $ 289,149 23.08 %
Interest-bearing deposits:
NOW/IOLA accounts 19,676 1.31 % 22,519 1.61 % 22,754 1.57 % 21,735 1.63 % 24,349 1.94 %
Money market accounts ^(1) 432,735 28.70 % 370,500 26.44 % 387,970 26.91 % 293,140 21.93 % 236,143 18.86 %
Reciprocal deposits 96,860 6.42 % 82,670 5.90 % 100,919 7.00 % 109,649 8.20 % 114,049 9.11 %
Savings accounts 114,139 7.57 % 117,870 8.41 % 119,635 8.30 % 127,731 9.55 % 130,432 10.41 %
*Total NOW, money market, reciprocal and savings accounts* 663,410 44.00 % 593,559 42.36 % 631,278 43.78 % 552,255 41.31 % 504,973 40.32 %
Certificates of deposit of $250K or more ^(1) 132,153 8.77 % 122,353 8.73 % 120,043 8.32 % 113,955 8.52 % 106,336 8.49 %
Brokered certificates of deposit ^(2) 98,729 6.55 % 98,729 7.05 % 98,729 6.85 % 98,754 7.39 % 98,754 7.89 %
Listing service deposits ^(2) 14,433 0.96 % 15,180 1.08 % 20,258 1.40 % 28,417 2.13 % 35,813 2.86 %
All other certificates of deposit less than $250K ^(1) 355,511 23.58 % 305,449 21.80 % 305,160 21.17 % 260,755 19.50 % 217,387 17.36 %
*Total certificates of deposit* 600,826 39.86 % 541,711 38.66 % 544,190 37.74 % 501,881 37.54 % 458,290 36.60 %
Total interest-bearing deposits 1,264,236 83.86 % 1,135,270 81.02 % 1,175,468 81.52 % 1,054,136 78.85 % 963,263 76.92 %
*Total deposits* $ 1,507,620 100.00 % $ 1,401,132 100.00 % $ 1,442,013 100.00 % $ 1,336,877 100.00 % $ 1,252,412 100.00 %
^(1) As of June 30, 2023, March 31, 2023 and December 31, 2022, $150.6 million, $115.3 million and $81.7 million, respectively, of SaveBetter deposits were reclassified from money market accounts to certificates of deposits. $36.4 million, $37.1 million and $36.2 million, respectively, were reclassified to Certificates of deposits of $250K or more and $114.2 million, $78.2 million and $45.5 million, respectively, were reclassified to certificates of deposit less than $250K.
^(2) As of December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, there were $0.3 million, $0.3 million, $3.3 million, $9.5 million and $13.6 million, respectively, in individual listing service deposits amounting to $250,000 or more. All brokered certificates of deposit individually amounted to less than $250,000.
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*Ponce Financial Group, Inc. and Subsidiaries*
*Borrowings*
*December 31,* *December 31,* *2023* *2022* *Scheduled*
*Maturity* *Redeemable*
*at Call Date* *Weighted*
*Average*
*Rate* *Scheduled*
*Maturity* *Redeemable*
*at Call Date* *Weighted*
*Average*
*Rate* *(Dollars in thousands)*
Overnight line of credit
advance $ — $ — — % $ 6,000 $ 6,000 4.61 %
Term advances ending:
2023 $ — $ — — $ 178,375 $ 178,375 4.32
2024 363,321 363,321 4.55 50,000 50,000 4.75
2025 50,000 50,000 4.41 50,000 50,000 4.41
2026 — — — — — —
2027 212,000 212,000 3.44 183,000 183,000 3.25
2028 9,100 9,100 3.84 — — —
Thereafter 50,000 50,000 3.35 50,000 50,000 3.35 $ 684,421 $ 684,421 4.10 % $ 517,375 $ 517,375 3.90 %
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*
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Ponce Financial Group, Inc. and Subsidiaries*
*Nonperforming Assets*
*As of Three Months Ended* *December 31,* *September 30,* *June 30,* *March 31,* *December 31,* *2023* *2023* *2023* *2023* *2022* *(Dollars in thousands)*
*Non-accrual loans:*
Mortgage loans:
1-4 family residential
Investor owned $ 793 $ 396 $ 296 $ 2,836 $ 2,844
Owner occupied 1,682 1,685 2,363 2,245 961
Multifamily residential 2,979 1,444 1,435 — —
Nonresidential properties — — — — —
Construction and land 10,759 11,721 11,721 11,906 7,567
Non-mortgage loans:
Business 19 209 — 40 —
Consumer 146 — — — —
Total non-accrual loans (not including non-accruing modifications to borrowers experiencing financial difficulty) ^(1) $ 16,378 $ 15,455 $ 15,815 $ 17,027 $ 11,372
*Non-accruing modifications to borrowers experiencing financial difficulty *^*(1)**:*
Mortgage loans:
1-4 family residential
Investor owned $ 270 $ 270 $ 209 $ 213 $ 217
Owner occupied 447 449 840 2,020 2,027
Multifamily residential — — — — —
Nonresidential properties — — — 91 93
Construction and land — — — — —
Non-mortgage loans:
Business — — — — —
Consumer — — — — —
Total non-accruing modifications to borrowers experiencing financial difficulty ^(1) 717 719 1,049 2,324 2,337
Total non-accrual loans $ 17,095 $ 16,174 $ 16,864 $ 19,351 $ 13,709
*Accruing modifications to borrowers experiencing financial difficulty (1):*
Mortgage loans:
1-4 family residential
Investor owned $ 2,112 $ 2,131 $ 2,161 $ 2,185 $ 2,207
Owner occupied 2,313 2,335 2,353 1,310 1,328
Multifamily residential — — — — —
Nonresidential properties 757 765 783 701 708
Construction and land — — — — —
Non-mortgage loans:
Business — — — — —
Consumer — — — — —
Total accruing modifications to borrowers experiencing financial difficulty ^(1) $ 5,182 $ 5,231 $ 5,297 $ 4,196 $ 4,243
Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty ^(1) $ 22,277 $ 21,405 $ 22,161 $ 23,547 $ 17,952
Total non-performing loans to total gross loans 0.89 % 0.89 % 0.98 % 1.18 % 0.90 %
Total non-performing assets to total assets 0.62 % 0.62 % 0.63 % 0.76 % 0.59 %
Total non-performing assets and accruing modifications to borrowers experiencing financial difficulty as a percentage of total assets ^(1) 0.81 % 0.82 % 0.83 % 0.93 % 0.78 %
^(1) For periods in 2023, balances include both modifications to borrowers experiencing financial difficulty, in accordance with ASU 2022-02 adopted on January 1, 2023, and previously existing troubled debt restructurings. For the period in 2022, the balances only include troubled debt restructurings.*
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*Ponce Financial Group, Inc. and Subsidiaries *
*Average Balance Sheets*
*For the Three Months Ended December 31,* *2023* *2022* *Average* *Average* *Outstanding* *Average* *Outstanding* *Average* *Balance* *Interest* *Yield/Rate *^*(1)* *Balance* *Interest* *Yield/Rate *^*(1)* *(Dollars in thousands)*
*Interest-earning assets:*
Loans ^(2) $ 1,884,301 $ 27,814 5.86 % $ 1,478,308 $ 18,550 4.98 %
Securities ^(3) 582,563 5,715 3.89 % 636,457 5,931 3.70 %
Other ^(4)^(5) 96,070 1,421 5.87 % 47,069 452 3.81 %
Total interest-earning assets 2,562,934 34,950 5.41 % 2,161,834 24,933 4.58 %
Non-interest-earning assets ^(5) 107,305 87,861
Total assets $ 2,670,239 $ 2,249,695
*Interest-bearing liabilities:*
NOW/IOLA $ 20,210 $ 8 0.16 % $ 25,349 $ 22 0.34 %
Money market ^(6) 474,306 5,668 4.74 % 437,813 3,619 3.28 %
Savings 116,600 28 0.10 % 139,115 8 0.02 %
Certificates of deposit ^(6) 559,713 5,103 3.62 % 434,368 1,786 1.63 %
Total deposits 1,170,829 10,807 3.66 % 1,036,645 5,435 2.08 %
Advance payments by borrowers 15,033 2 0.05 % 12,942 — — %
Borrowings 678,235 6,944 4.06 % 369,832 3,332 3.57 %
Total interest-bearing liabilities 1,864,097 17,753 3.78 % 1,419,419 8,767 2.45 %
*Non-interest-bearing liabilities:*
Non-interest-bearing demand 267,150 — 325,616 —
Other non-interest-bearing liabilities 51,764 — 2,424 —
Total non-interest-bearing liabilities 318,914 — 328,040 —
Total liabilities 2,183,011 17,753 1,747,459 8,767
Total equity 487,228 502,236
Total liabilities and total equity $ 2,670,239 3.78 % $ 2,249,695 2.45 %
Net interest income $ 17,197 $ 16,166
Net interest rate spread ^(7) 1.63 % 2.13 %
Net interest-earning assets ^(8) $ 698,837 $ 742,415
Net interest margin^ (9) 2.66 % 2.97 %
Average interest-earning assets to interest-bearing liabilities 137.49 % 152.30 %
^(1) Annualized where appropriate.
^(2) Loans include loans and mortgage loans held for sale, at fair value.
^(3) Securities include available-for-sale securities and held-to-maturity securities.
^(4) Includes FHLBNY demand account, FHLBNY stock dividends and FRB demand deposits.
^(5) FRB demand deposits for prior period have been reclassified for consistency.
^(6) Includes reclassification of $65.5 million average outstanding balances and $0.5 million of interest expenses from money market to certificates of deposit for the three months ended December 31, 2022.
^(7) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
^(8) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
^(9) Net interest margin represents net interest income divided by average total interest-earning assets.*
*
*Ponce Financial Group, Inc. and Subsidiaries
**Average Balance Sheets*
*For the Years Ended December 31,* *2023* *2022* *Average* *Average* *Outstanding* *Average* *Outstanding* *Average* *Balance* *Interest* *Yield/Rate *^*(1)* *Balance* *Interest* *Yield/Rate* *(Dollars in thousands)*
*Interest-earning assets:*
Loans^ (2) $ 1,730,275 $ 95,805 5.54 % $ 1,375,723 $ 69,865 5.08 %
Securities ^(3) 606,815 23,342 3.85 % 357,446 11,709 3.28 %
Other ^(4)^(5) 119,923 6,720 5.60 % 84,133 1,178 1.40 %
Total interest-earning assets 2,457,013 125,867 5.12 % 1,817,302 82,752 4.55 %
Non-interest-earning assets ^(5) 115,760 124,351
Total assets $ 2,572,773 $ 1,941,653
*Interest-bearing liabilities:*
NOW/IOLA $ 22,168 $ 33 0.15 % $ 30,151 $ 65 0.22 %
Money market ^(6) 424,160 18,413 4.34 % 367,838 5,604 1.52 %
Savings 121,550 116 0.10 % 138,137 128 0.09 %
Certificates of deposit ^(6) 528,999 16,571 3.13 % 407,739 4,148 1.02 %
Total deposits 1,096,877 35,133 3.20 % 943,865